BAKU, Azerbaijan, Sept. 7
By Tamilla Mammadova – Trend:
Sunflower oil ranked at the top of the list of the products hiked in price in August in Georgia, Trend reports via Georgian media.
In the Georgian market, the price of sunflower oil increased by 83 percent in August compared to the same period of last year.
As reported, the price hikes are caused by the increased export tax for sunflower seeds in Russia. Georgian importers say that the scheduled change in the exporting country will increase the price of oil.
Guram Brodzeli, the founder of Alpha company and director of the oil importing company Baraka, said the increase in taxes in Russia will cause vegetable oil price hikes in the Georgian market.
"The situation in global markets is changing at lightning speed, as well as expectations largely due to the processes caused by the coronavirus pandemic. If Russia increases the tax on oil and the product’s price hikes, it will affect the product price imported from other countries. If the price falls in the global markets, this may offset the increased tax, I exclude nothing. A lot also depends on the national currency which rate should remain stable," the importer notes.
According to Brodzeli, vegetable oil in Georgia is mainly imported from Russia and Ukraine which account for 90 percent of the total imports. Small batches of vegetable oil are also brought from Turkey, Thailand, the Philippines and Argentina.
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